First Florida CU CEO Brent Lister talks interchange on 'First Coast Connect'
05/18/2011 04:04 pm
As part of the Dodd-Frank Act, Congress enacted provisions that regulate the debit interchange rates and give merchants more control over a consumer’s use of debit cards and credit cards at the point of sale and the route through which the transaction is processed. This may have a huge impact on credit unions and small institutions.
Lister took to the airwaves last week joining the First Coast Connect radio program to explain the impact such legislation would have on credit unions and the consumer. Lister explained how the fees associated with debit card purchases - paid to the financial institution by merchants - help offset the costs of fraud and loss prevention, among other services.
To listen to Lister discuss why it is important for lawmakers to stop, and start over on this legislation, visit the LSCU Audio Podcast page by